Syrah Resources can get up to $107 million in U.S. ‘clean energy’ loan for Vidalia plant – Mississippi’s Best Community Newspaper

VIDALIA, La. (AP) — The Syrah Resources plant in Vidalia, La., can get up to $107 million in loans from the U.S. Department of Energy to expand a plant that produces materials for car batteries electric, the department said Monday.

The loan to Syrah Technologies LLC would be the Biden administration’s second clean energy loan.

The money is expected to enable the plant to produce enough graphite-based “active anode material” for about 2.5 million electric vehicles by 2040, “save about 970 million gallons of gasoline “, according to a blog post from the department.

It would reactivate a program last used more than a decade ago under the Obama administration to lend money to automakers and would be the first use of the program for a supply chain project, the department said. . He said previous loans to manufacture advanced technology vehicles had gone to Ford, Nissan and Tesla.

“Importantly, this project also provides a socially and environmentally responsible U.S. supply chain for graphite,” the Department of Energy said.

The Syrah factory is in Vidalia, a town of 4,000 people on the Mississippi River, about 100 miles north of Baton Rouge. He uses graphite from the huge Syrah mine in Mozambique.

Tesla signed a contract in December 2021 with Syrah Resources of Melbourne, Australia, and Syrah Technologies announced plans for a $177,000 expansion at Vidalia two months later. Governor John Bel Edwards’ office said Syrah would add 36 jobs to the 19 employees it had at the time.

The federal loan will create 98 permanent jobs and 150 construction jobs, the Department of Energy said.

“Several steps remain to be completed and certain conditions must be met before the Department will issue a final loan,” the blog states. He did not specify what it was.

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